In this review we have a look at the Afribay investment service that promises big returns thanks to managed accounts in Forex trading.
What is Afribay
Afribay LTD claims to be a financial company that is investing money in currency markets (Forex). The company supposedly has a team of professional traders who can trade on your behalf and make you money.
The company offers four investment plans: Starter, Standard, Bronze and Golden. Returns range between 17% and 40%. However, Afribay does not specify the time period, meaning how long it will take for you to get you commission. The minimum deposit is $50.
Afribay has a referral program that will pay you up to 10% across three levels.
Is Afribay legit?
Unfortunately, Afribay is an obvious scam. In this review we explain why.
Bogus investment plans
The first thing that speaks volumes about Afribay, is the investment plans. Because the investment plans lack a critical piece of information, you don’t know how long you will have to wait for your returns. This is more than unprofessional, it is a huge red flag.
We can only assume that the 17% to 40% commission are meant as monthly returns. But it does not really matter if these are daily, weekly or monthly returns, because these numbers are absurd anyway.
No legit Forex investment company can make 40% monthly or quicker. The best legit and regulated investment firms might do this in a year. But the unknown and dubious Afribay company certainly not.
Illegal investment service
Afribay LTD mentions on its official website that it is a registered company with the number 1599071. But it is not true, there is no Afribay company with the number 1599071 registered with the Corporate Affairs Commission.
Since Afribay is providing investment services, it should be authorized by the Securities and Exchange Commission. But it is not, it has no license whatsoever.
So, Afribay is not registered nor authorized anywhere, therefore it is an illegal investment service. You just can’t know who is running it and what are their intentions.
On its official website you can read that Afribay LTD was founded in 2019 and that the trading team is developing strategies since 2013.
However, the Afribay.live domain was created on November 15th this year, so it is only one month old.
So, we are dealing here with an anonymous and unregistered investment service that is only one month old. How legit does it look?
And there are other details. For example, the terms of service are too short, there is not enough information for an investment service. Or the links to social media profiles – they are blank.
As we have established, Afribay is only one month old. Yet they claim to have 14+ millions in assets, 178+ pro traders and 250+ account managers.
These stats are obviously fake, just another lie provided by this scam.
How Afribay really works
It’s clear that Afribay is trying to run a Ponzi scheme. They will take deposits from people and maybe pay some profits using these deposits. They will transfer money from newer members to older members. Or they might not pay at all. In any case it is a scam.
The referral structure shows that Afribay is dependent on new members coming in and depositing money. Which is a sign of a Ponzi scheme.
What is certain is that Afribay is not trading Forex with profits. It has nothing to do with real and legit financial trading.
Afribay review – conclusion
Afribay is a scam, an unauthorized investment service that is going to collapse, it is only a matter of time. Stay away from it.
If you want to try legit financial trading, start on a free demo with a regulated broker. You will get virtual money to try everything.
When you want to try investing real money, please be sure to understand the risks.